Larimar Therapeutics (NASDAQ:LRMR) Sees Large Volume Increase

Larimar Therapeutics, Inc. (NASDAQ:LRMR) shares saw strong trading volume on Thursday . 305,674 shares traded hands during trading, a decline of 42% from the previous session’s volume of 523,259 shares.The stock last traded at $8.28 and had previously closed at $7.77.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on the stock. Citigroup increased their price target on shares of Larimar Therapeutics from $10.00 to $14.00 and gave the stock a “buy” rating in a research report on Wednesday, May 22nd. JMP Securities reiterated a “market outperform” rating and set a $25.00 price target on shares of Larimar Therapeutics in a research report on Friday, May 31st. Robert W. Baird began coverage on shares of Larimar Therapeutics in a research report on Wednesday. They set an “outperform” rating and a $16.00 price target on the stock. Finally, Baird R W upgraded shares of Larimar Therapeutics to a “strong-buy” rating in a research report on Wednesday. Six research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Buy” and an average price target of $20.00.

Larimar Therapeutics Price Performance

The stock has a market cap of $564.72 million, a price-to-earnings ratio of -8.60 and a beta of 0.99. The business’s 50-day simple moving average is $8.34 and its two-hundred day simple moving average is $8.38.

Larimar Therapeutics (NASDAQ:LRMR) last released its quarterly earnings results on Wednesday, August 7th. The company reported ($0.34) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.32) by ($0.02). Equities research analysts forecast that Larimar Therapeutics, Inc. will post -1.4 earnings per share for the current year.

Hedge Funds Weigh In On Larimar Therapeutics

Several large investors have recently modified their holdings of LRMR. Quarry LP raised its stake in shares of Larimar Therapeutics by 966.7% during the second quarter. Quarry LP now owns 8,000 shares of the company’s stock valued at $58,000 after acquiring an additional 7,250 shares during the last quarter. Thoroughbred Financial Services LLC bought a new position in shares of Larimar Therapeutics during the second quarter valued at $94,000. EntryPoint Capital LLC bought a new position in Larimar Therapeutics during the first quarter worth $106,000. AQR Capital Management LLC bought a new position in Larimar Therapeutics during the second quarter worth $113,000. Finally, The Manufacturers Life Insurance Company bought a new position in Larimar Therapeutics during the second quarter worth $120,000. Institutional investors own 91.92% of the company’s stock.

About Larimar Therapeutics

Larimar Therapeutics, Inc, a clinical-stage biotechnology company, focuses on developing treatments for rare diseases using its novel cell penetrating peptide technology platform. Its lead product candidate is CTI-1601, which is in Phase 2 OLE clinical trial for the treatment of Friedreich's ataxia, a rare, progressive and fatal genetic disease.